Common use of Rent and royalty Clause in Contracts

Rent and royalty. (1) Subject to the succeeding provisions of this clause the Company shall during the term of this Agreement pay to the State in each year— (a) a rent calculated at the rate of two shillings and sixpence for each acre (and proportionately for part of an acre) of the leased area; (b) in respect of each ton of coal (not being unusable or unsaleable waste coal or rubbish) won from the leased area and used for the generation of electric power or in connexion with the industries referred to in Recital I hereof, a basic royalty at the rate of— (i) four xxxxx when the total quantity of such coal won in any year does not exceed one hundred thousand tons; (ii) three xxxxx when such total quantity exceeds one hundred thousand tons; (c) in respect of each ton of coal as aforesaid won from the leased area and sold or used by the Company for any purpose other than as specified in the last preceding paragraph, a basic royalty of four xxxxx. (2) The said rent and basic royalties shall be paid by the Company clear of all deductions whatsoever to the Accountant to the Department of Mines at Melbourne on behalf of the State as follows— (a) as to the rent, by equal half-yearly payments in advance the first payment to be made on the date of commencement and succeeding payments on the first day of each half-yearly period thereafter; (b) as to the basic royalties within thirty days after written demand therefor by or on behalf of the State in respect of each half-yearly period during the term of this Agreement. (3) If the total royalty payable under this clause in respect of coal won in any year exceeds the amount of the rent paid by the Company in that year the rent so paid shall be accepted by the State as part payment of that royalty. (4) If the current index number for any year exceeds the base index number then the royalty payable in respect of coal won during that year shall be calculated at a rate bearing the same proportion to the appropriate rate of royalty specified in sub-clause (1) of this clause as the current index number bears to the base index number. (5) In the event of the Commonwealth Statistician ceasing to publish the Consumer Price Index the last preceding sub-clause shall be modified from time to time by substituting for the method therein specified of determining increases in royalty rates such other method as the Government Statist of the State certifies in writing to be appropriate for determining those increases in similar manner to the method so specified.

Rent and royalty. (1) Subject to the succeeding provisions of this clause the Company shall during the term of this Agreement pay to the State in each year— (a) a rent calculated at the rate of two shillings and sixpence for each acre (and proportionately for part of an acre) of the leased area; (b) in respect of each ton of coal (not being unusable or unsaleable waste coal or rubbish) won from the leased area and used for the generation of electric power or in connexion with the industries referred to in Recital I hereof, a basic royalty at the rate of— (i) four xxxxx when the total quantity of such coal won in any year does not exceed one hundred thousand tons; (ii) three xxxxx when such total quantity exceeds one hundred thousand tons; (c) in respect of each ton of coal as aforesaid won from the leased area and sold or used by the Company for any purpose other than as specified in the last preceding paragraph, a basic royalty of four xxxxx. (2) The said rent and basic royalties shall be paid by the Company clear of all deductions whatsoever to the Accountant to the Department of Mines at Melbourne on behalf of the State as follows— (a) as to the rent, by equal half-yearly payments in advance the first payment to be made on the date of commencement and succeeding payments on the first day of each half-yearly period thereafter; (b) as to the basic royalties within thirty days after written demand therefor by or on behalf of the State in respect of each half-yearly period during the term of this Agreement. (3) If the total royalty payable under this clause in respect of coal won in any year exceeds the amount of the rent paid by the Company in that year the rent so paid shall be accepted by the State as part payment of that royalty. (4) If the current index number for any year exceeds the base index number then the royalty payable in respect of coal won during that year shall be calculated at a rate bearing the same proportion to the appropriate rate of royalty specified in sub-clause (1) of this clause as the current index number bears to the base index number. (5) In the event of the Commonwealth Statistician ceasing to publish the Consumer Price Index the last preceding sub-sub- clause shall be modified from time to time by substituting for the method therein specified of determining increases in royalty rates such other method as the Government Statist of the State certifies in writing to be appropriate for determining those increases in similar manner to the method so specified. (6) The difference between the amount of basic royalty paid or payable in respect of coal won in any year and the amount of royalty payable by virtue of the provisions of sub-clause (4) of this clause in respect of that coal shall be paid by the Company within thirty days after a written demand therefor by or on behalf of the State has been rendered to the Company. (7) Until the survey mentioned in sub-clause (4) of the last preceding clause has been completed the rent payable under this clause shall be calculated and paid on the basis of the areas specified in clause 1 hereof. When the said survey has been completed any necessary adjustment of rent so paid shall be made on the next following day fixed for payment of rent hereunder. (8) The Company may at any time by instrument under its common seal surrender to the State its rights under this Agreement as to the whole or part of the leased area and in the event of a partial surrender as aforesaid the said rent shall from the next following day fixed for payment of rent hereunder be reduced by a sum calculated at the rate of two shillings and sixpence for each acre (and proportionately for part of an acre) of land comprised in the partial surrender.

Rent and royalty. (1) Subject to the succeeding provisions of this clause the Company shall during the term of this Agreement pay to the State in each year— (a) a rent calculated at the rate of two shillings and sixpence for each acre (and proportionately for part of an acre) of the leased area; (b) in respect of each ton of coal (not being unusable or unsaleable waste coal or rubbish) won from the leased area and used for the generation of electric power or in connexion with the industries referred to in Recital I hereof, a basic royalty at the rate of— (i) four xxxxx when the total quantity of such coal won in any year does not exceed one hundred thousand tons; (ii) three xxxxx when such total quantity exceeds one hundred thousand tons; (c) in respect of each ton of coal as aforesaid won from the leased area and sold or used by the Company for any purpose other than as specified in the last preceding paragraph, a basic royalty of four xxxxx. (2) The said rent and basic royalties shall be paid by the Company clear of all deductions whatsoever to the Accountant to the Department of Mines at Melbourne on behalf of the State as follows— (a) as to the rent, by equal half-yearly payments in advance the first payment to be made on the date of commencement and succeeding payments on the first day of each half-yearly period thereafter; (b) as to the basic royalties within thirty days after written demand therefor by or on behalf of the State in respect of each half-yearly period during the term of this Agreement. (3) If the total royalty payable under this clause in respect of coal won in any year exceeds the amount of the rent paid by the Company in that year the rent so paid shall be accepted by the State as part payment of that royalty. (4) If the current index number for any year exceeds the base index number then the royalty payable in respect of coal won during that year shall be calculated at a rate bearing the same proportion to the appropriate rate of royalty specified in sub-clause (1) of this clause as the current index number bears to the base index number. (5) In the event of the Commonwealth Statistician ceasing to publish the Consumer Price Index the last preceding sub-clause shall be modified from time to time by substituting for the method therein specified of determining increases in royalty rates such other method as the Government Statist of the State certifies in writing to be appropriate for determining those increases in similar manner to the method so specified.

Rent and royalty. (1) Subject to the succeeding provisions of this clause the Company shall during the term of this Agreement pay to the State in each year— (a) a rent calculated at the rate of two shillings and sixpence for each acre (and proportionately for part of an acre) of the leased area; (b) in respect of each ton of coal (not being unusable or unsaleable waste coal or rubbish) won from the leased area and used for the generation of electric power or in connexion with the industries referred to in Recital I hereof, a basic royalty at the rate of— (i) four xxxxx when the total quantity of such coal won in any year does not exceed one hundred thousand tons; (ii) three xxxxx when such total quantity exceeds one hundred thousand tons; (c) in respect of each ton of coal as aforesaid won from the leased area and sold or used by the Company for any purpose other than as specified in the last preceding paragraph, a basic royalty of four xxxxx. (2) The said rent and basic royalties shall be paid by the Company clear of all deductions whatsoever to the Accountant to the Department of Mines at Melbourne on behalf of the State as follows— (a) as to the rent, by equal half-yearly payments in advance the first payment to be made on the date of commencement and succeeding payments on the first day of each half-yearly period thereafter; (b) as to the basic royalties within thirty days after written demand therefor by or on behalf of the State in respect of each half-yearly period during the term of this Agreement. (3) If the total royalty payable under this clause in respect of coal won in any year exceeds the amount of the rent paid by the Company in that year the rent so paid shall be accepted by the State as part payment of that royalty. (4) If the current index number for any year exceeds the base index number then the royalty payable in respect of coal won during that year shall be calculated at a rate bearing the same proportion to the appropriate rate of royalty specified in sub-clause (1) of this clause as the current index number bears to the base index number. (5) In the event of the Commonwealth Statistician ceasing to publish the Consumer Price Index the last preceding sub-clause shall be modified from time to time by substituting for the method therein specified of determining increases in royalty rates such other method as the Government Statist of the State certifies in writing to be appropriate for determining those increases in similar manner to the method so specified. Sch. 1 (6) The difference between the amount of basic royalty paid or payable in respect of coal won in any year and the amount of royalty payable by virtue of the provisions of sub-clause (4) of this clause in respect of that coal shall be paid by the Company within thirty days after a written demand therefor by or on behalf of the State has been rendered to the Company. (7) Until the survey mentioned in sub-clause (4) of the last preceding clause has been completed the rent payable under this clause shall be calculated and paid on the basis of the areas specified in clause 1 hereof. When the said survey has been completed any necessary adjustment of rent so paid shall be made on the next following day fixed for payment of rent hereunder. (8) The Company may at any time by instrument under its common seal surrender to the State its rights under this Agreement as to the whole or part of the leased area and in the event of a partial surrender as aforesaid the said rent shall from the next following day fixed for payment of rent hereunder be reduced by a sum calculated at the rate of two shillings and sixpence for each acre (and proportionately for part of an acre) of land comprised in the partial surrender.